This question was posed by SS, B. Eng. & Mgt., MBA
Monday Morning Millionaire Program Answer:
A few minutes on the SPIVA site will verify our claim.
Academic literature provides additional support for professionals’ underperformance. See below.
Bergstresser, D. et al. Assessing the Costs and Benefits of Brokers in the Mutual Fund Industry The Review of Financial Studies22 (10): 4129-4156, doi: 10.1093/rfs/hhp022 (November 8, 2004)
Hackethal, Andreas and Haliassos, Michael and Jappelli, Tullio, Financial Advisors: A Case of Babysitters? (June 8, 2011).
French, Kenneth R., The Cost of Active Investing (April 9, 2008).
Heaton, J.B. and Polson, Nick and Witte, Jan, Why Indexing Works (May 10, 2017).
Rompotis, Gerasimos Georgiou, Active vs. Passive Management: New Evidence from Exchange Traded Funds (February 4, 2009).